Best Buy Returns to Q3 Profit

Best Buy this week posted a third quarter profit of $54 million, reversing a $10 million loss the same time the year before, as the retailer continued its turnaround heading into the holidays.

"Our third quarter top-line results make it clear that our focus on delivering our unique customer promises is starting to pay off," Hubert Joly, president and CEO of Best Buy, said as part of the announcement.

"It is also clear that our efforts to control costs and to bring greater efficiency to our operations are improving our profitability. While we remain mindful of the fact that we still have a long way to go, we are pleased with the progress of our Renew Blue transformation efforts."

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